Finance & Capital Market

Emirates Digital Wallet launches digital cash platform

Emirates Digital Wallet, along with First Abu Dhabi Bank (FAB), Mashreq Bank, National Bank of Fujairah and Mastercard today (September 10) announced the launch of klip, Emirates Digital Wallet’s digital cash platform.

Klip offers a simple way for users to transfer money to others via a mobile number and allows users to seamlessly pay for goods in-store using the existing merchant reach offered by its partner banks. Klip further enables small businesses to start accepting digital payments via mobile phones, meaning more businesses can tap into the digital economy.

Klip is the only interoperable solution designed to seamlessly provide digital payments between all consumers and merchants in the UAE.

The robust, secure and interoperable digital cash platform aims at eradicating the use of physical cash and helps UAE transition into a truly cashless society by providing a digital equivalent for physical cash that is tuned with the lifestyle of its users.

Hana Al Rostamani, Deputy Group CEO and Head of Personal Banking at FAB, said:“Consumers are demanding digital options across a multitude of industries and that includes banking, payments and purchases.

“The introduction of klip for customers and merchants across the country will drive the cashless objective of the UAE and will help in bolstering the UAE’s financial ecosystem.FAB is always committed to providing futuristic and interoperable solutions that drive the digital payments journey and improve customer experience.”

Subroto Som, Senior Executive Vice President – Group Head of Retail Banking Group, Mashreq Bank, said: “With a legacy of innovation lasting more than half a century, Mashreq has repeatedly shown its commitment to embracing technology that improves the customer experience. Our support for klip underlines our fundamental belief in the Government’s vision of establishing the UAE as a digital leader and we are excited to be able to bring this unique digital wallet to our customers.”

Vince Cook, CEO of National Bank of Fujairah, added: “As a National Bank, we are proud to play a leading role in the digitization of the country’s banking services and its wider economy and are honoured to be one of the launch partners in this significant milestone. The rollout of klip at this time will help further accelerate the use of digital solutions in place of cash and open a wealth of related services for the unbanked. In recent months we have seen increasing take up of all our digital channels and klip provides a further enhancement in our offerings with its efficient, cost-effective, and most importantly, secure and safe platform for cashless payments.”

“Growing the domestic payment ecosystem is crucial for the development of a robust digital economy that positively impacts communities. We are proud to come on board as a trusted partner and technology provider and join hands with leaders across the UAE to deliver Mastercard’s expertise and help drive inclusion to support the UAE’s vision of a connected, digital future,” said Khalid Elgibali, Division President – Mena, Mastercard.

“We are delighted to be launching the new digital cash platform, klip, with our three pioneer partners and applaud their commitment in working with us to transform the UAE’s digital economy. Eliminating physical cash will result in huge savings for businesses and allow smaller businesses to flourish,” said Mohammed Al Jayyash, Chairman of Emirates Digital Wallet.

“In addition to our launch partners, more banks are in the testing phase and will soon be offering klip to their customers. In parallel, we are developing a klip-branded mobile app to be released in the fourth quarter of 2020toallow anyone across the UAE, visitors and residents alike, to switch to digital cash, regardless of whether or not they have a bank account,” Al Jayyash added. – TradeArabia News Service